Philadelphia (Jul. 23)
Members of the 1929 graduating class of St. Joseph’s College, of which the Very Rev. William T. Tallen, S. J., is president, have hit upon a somewhat novel plan of creating an endowment fund to aid their alma mater. Wishing to present a substantial sum as a class unit and unable to do so at this time, the class arranged to have each member take out a twenty-year endowment insurance policy payable to the College.
Each policy is written for $500 and the group will at time of maturity twenty years hence, represent a sum of nearly $15,000. Should any member of the class die within the twenty year period, his policy will immediately become available to the college.
Although this action is in no way binding on future classes, it is expected to become a custom. Several recently graduated classes are considering following the plan.